VIRI - Why Is Spectrum Pharmaceuticals (SPPI) Stock Up 35% Today?
2023-04-25 08:27:55 ET
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Spectrum Pharmaceuticals (NASDAQ: SPPI ) stock is soaring higher on Tuesday thanks to an acquisition deal with Assertio (NASDAQ: ASRT ).
This deal will have Assertio acquire all outstanding shares of SPPI stock. The transaction will see holders of SPPI stock get 0.1783 shares of ASRT stock for each share that they own. They’ll also get one CVR per Spectrum share representing another 20 cents per share.
That deal values SPPI stock at $1.34 per share, which is a 94% premium over the stock’s closing price on Monday. It also brings the total value of the deal to $291 million. When the deal closes, Assertio investors will own 65% of the combined company with the other 35% belonging to Spectrum Pharma investors.
Dan Peisert, president and CEO of Assertio, said the following about the news:
“We intend to retain the majority of Spectrum’s commercial infrastructure, which we believe is synergistic to our digital non-personal platform, deploying these complementary dual channels to support clinical messaging, reimbursement education and ROLVEDON awareness to further aid and accelerate its launch.”
Timing of the SPPI Stock Deal
Investors in SPPI and ASRT stock will have to approve the deal before it can close. Regulators will also have to sign off on the acquisition. So long as all of this happens, the two companies expect the deal to close in the third quarter of 2023.
SPPI stock is up 34.7% as of Tuesday morning. That comes as 7.5 million shares trade, as compared to its daily average of 1.6 million shares.
Investors looking for more of the most recent stock market news are in the right place!
We’ve got all of the latest stock market news worth knowing about on Tuesday! Among that is what has Virios Therapeutics (NASDAQ: VIRI ) stock up, the biggest pre-market stock movers this morning, and more. You can find out more on these matters at the links below!
More Tuesday Stock Market News
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines .
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